"Bank: We're in good shape" - Business - News & Observer

This is Harrington Bank again. Note that all the statements here by those close to the bank are from the bank itself. The story provides no comments by anyone who both knows the bank and is competent in this field. So, a reasonably intelligent person would read the Office of Thrift Supervision document and ask the bank lots of specific questions about compliance under that agreement, if that person really wanted to know what was happening. I surely would not rely on a bank that has not complied with federal law (see the agreement) to tell me what's happening.

Here is just a portion of the agreement, referring to Harrington as the Association:

"WHEREAS, based on its January 20,2009 examination of the Association (2009
Examination), the OTS finds that the Association has failed to comply with the requirements of
laws and regulations to which the Association is subject, failed to adopt and implement
appropriate and comprehensive operational and risk management practices and strategies, and
failed to identify and correct other deficiencies and weaknesses in its operations;...."